What is a short sale?
Many have heard the term, short sale. But what does this mean?
Does it mean the sale takes a short time to complete? Far from it!
Basically, when a seller needs to sell a home and finds out the value of the home won't be enough to cover the existing mortgage...the mortgage company may agree to take a shorter (or lesser) amount! Thus, the term "Short Sale" applies.
Note to sellers...
So, what if you are a seller and in this situation? Turn to a real estate professional who is skilled in this particular type of sale. Their experience will save you time and effort. Hopefully, the end result will be a "win-win" for everyone with the successful sale of your home.
Note to buyers...
Now, what if you are looking to buy a home and you decide that you want to purchase a home that is a short sale? Remember that this is not an ordinary type of sale...it will not take a short time. Initially, the seller will approve your offer without hesitation. However, each mortgage lender has several steps that need to be met before approving the short sale. This process could take weeks and sometimes a few months. But, at the end of the day, you will be buying a home that has been deeply discounted.
For more information on who to contact for assistance, give us a call!